“Money insurance” is a type of business insurance that covers the loss of money, whether it’s in transit or stored at business premises. It’s commonly used by businesses that handle large amounts of cash, such as retail stores, banks, and transport companies. Here’s a breakdown of the key features of money insurance:

1. Coverage Types:

• Cash in Transit: Covers loss of money while it’s being transported, such as from the business premises to a bank.
• Cash in Premises: Protects against the loss of cash stored at the business premises, whether in safes, tills, or vaults.
• Cash with Employees: Sometimes, the coverage can extend to money held by employees, like sales representatives or couriers.
• Damage to Safes: It may cover damage to safes or strongboxes during a theft or attempted theft.

2. Risks Covered:

• Theft
• Burglary
• Robbery (both with and without violence)
• Loss due to accidents while transporting money

3. Exclusions:

Some common exclusions in money insurance policies include:

• Fraud or dishonesty by employees (covered separately under fidelity insurance)
• Loss due to negligence
• Loss of money during unauthorized transit times or in improper safes

4. Benefits for Businesses:

• Protects against financial losses from theft or accidents involving money
• Provides peace of mind for businesses handling cash regularly
• Helps ensure business continuity in case of a significant financial loss

This type of insurance is an essential consideration for businesses where cash handling is a regular operation.

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